Barclays downgrades LTX-Credence Corp. (Nasdaq: LTXC) from Overweight to Equalweight. PT $4.
Barclays analyst says, "Our 2-rating is based on (i) investor perception of LTXC as a pure beta play on the semi cycle, which we believe will limit near-term upside potential, and (ii) our more selective positioning in the current macro environment, with a preference for more defensive names. This said, we see very little downside from current levels given shares are trading at 2x net cash per share of ~$1 exiting CY10, and would look to re-engage in the name once confidence in the semi cycle returns."
Shares have continued to slide throughout the session...with the stock currently at $1.95, down $0.13 (-6.25%).